Citi Financial After paying for 10 years my mortgage balance went up then they sold my mortgage to another company. Irving Texas
I signed a mortgage with this company in 2004 for the amount of $59000 as of my final statement before they sold my mortgage my balance was $64000. I was not notified of my morgage being sold and I attempted to contact them through the office that had my mortgage only to find the number was disconected. I don't understand how a person can pay all those years and have the balance go up. Now I am having to start over with this new company and pay the $59000. This company never gave me any answers as to why the balance was going up.
1 Updates & Rebuttals
Jim
Florida,USA
Here's Why
#2Consumer Comment
Mon, July 11, 2016
If you have been late making payments, you generate extra interest for them in addition to late fees. If you have an Adjustable Rate Mortgage, it can go up. If you failed at any time to maintain the proper insurance, they may apply forced placed insurance to protect their security. They own the mortgage and therefore it is there's to do whatever they want with it. The selling of loans is common place and they don't need your approval to do so.